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Wet Seal terminates rights plan; offers two board seats to activist investor
Foothills Ranch, Calif. -- The Wet Seal Inc. said Thursday it has dropped its temporary shareholder rights plan, citing feedback from stakeholders, and has proposed to expand its board to include two nominees of activist investor Clinton Group.
In July, Clinton Group, which owns approximately 7% of Wet Seal, called for a sale of the retailer, expressing dissatisfaction with its performance, and made a play for four seats on the board. In response, the retailer adopted a temporary shareholder rights plan with a 10% trigger.
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George at Asda brings more fashion to over 40 set
LONDON, UNITED KINGDOM — George at Asda is extending its Moda line to offer more fashion items for U.K. women over 40.
Over two years in development and following a series of intensive customer focus groups, the collection has been created by George's team of industry leading in-house designers with customers' feedback.